CashFlows today announces a unique business bank account in the UK that will enable businesses to increase their cash flow through an immediate reduction in expenditure on bank charges.
The CashFlows Account will consolidate existing business banking services, simplify financial processes and reconciliations and reward customers with higher interest and lower fees.
Through a ground-breaking agreement with Shawbrook Bank, the CashFlows Account will pay customers a market leading 1 per cent interest on all current account balances.
Modelled on a range of business types and industry data, CashFlows can reduce the amount a business spends on fees and charges by up to 40 per cent, allowing them to 'recycle' that cash back into their day to day business operations. Businesses are able to instantly check the money they can make and the interest that they can earn using the CashFlows Calculator.
The CashFlows Account brings together a wide range of domestic and international payment standards and consolidates business banking services into one account, simplifying the day-to-day management and banking reconciliation of many businesses.
According to research conducted online by YouGov, British small businesses alone collectively spend more than £2.3 billion per year on transaction charges and fees to run their business banking. The CashFlows Account allows businesses to manage their payments and banking more efficiently and save money on bank fees and charges, potentially delivering savings of more than £1 billion a year to UK businesses.
Nick Ogden CEO, CashFlows, and 2010 UK Entrepreneur of the Year, said: "CashFlows is able to innovate and differentiate itself from high street banks because we have re-designed and simplified the financial services supply chain, building a new business service from scratch. Today's banks are operating on disconnected systems and processes that don't meet the demands of modern businesses. One of the benefits of overhauling outdated models like this is that you can increase efficiency and reduce costs."
"The CashFlows Account is already recognised by every other bank in the world, with its own sort code and account number. This combination of immediate savings and rewards allows our account holders to release cash from their day to day banking activities and grow their business, for example through hiring additional staff or benefitting from increased working capital. We are confident that every business in the UK has cash that it can recycle and CashFlows can help businesses pinpoint their own free cash flow using the CashFlows Calculator on our website."